Strong YoY growth masks QoQ weakness; capacity ramp ahead

Revenue +26.8% YoY (45.9 Cr), EBITDA +35% YoY, PAT +31.9% YoY; but QoQ PAT declined 23.7%

Revenue +1.2% QoQ is virtually flat; contradicts expectation of capacity ramp benefit

Management stated 1,200 MT/month current (8-12 hour shift); can reach 1.75–1.8× with 2-shift, equating to ~1,800–2,000 MT

25,000 MT × ₹80/kg = ₹20 Cr/month; machinery installed Q1, operational Q2 FY27; no revenue yet

Guidance stated in Q4, reaffirmed this call; solar contribution yet to materialize; claim appears hedged

Q1: Machinery installed and commissioned for high-speed roll forming; Q2 FY27 production start. Potential ₹20 Cr/month but 2.5–3% net margin vs. prior PEB focus.

Q4 guidance ₹180–190 Cr reaffirmed this call but now framed as 'very conservative.' Solar excluded from number suggests hedging or order delays; not a raised target.

Debt-free last year; Rs 6 Cr debt as of June 30, 2026 for Rs 5 Cr capex. 4-year repayment plan. Signals capital constraints despite mgmt claims of internal funding sufficiency.

Q4 FY26 revenue higher than Q1 FY27 (+1.2% QoQ). PAT -23.7% QoQ. Order book remains 2 months rolling; no acceleration visible.

5 GW annual solar projects in India. BRPL can produce 25,000 MT/month with imported machinery. At ₹80/kg, ₹20 Cr/month revenue. Net margin 2.5–3% (low labor, bulk supply). Revenue scales but profit lighter.

Current 1,200 MT/month (8–12 hour shift). Can scale 1.75–1.8× with 2-shift to 1,800–2,000 MT/month. Phase 6 adds ~200 MT/month by mid-Sept. At ₹100/kg, 1,200 MT = top-line potential. Margin will be good.

Typically 2 months in hand. FY27 target ₹180–200 Cr implies (÷12 × 2 months) current order book in hand.

Last year received ₹24 Cr order (20% of turnover), now in execution, near completion. Capable. Average order ₹3–5 Cr; recent ₹8.5 Cr order also secured.

300 total (100 permanent, 200 contract). Will scale after Phase 5&6 completion. Future top-line bright, solar orders pending.

Yes, but solar margin dilution (~2.5–3%) will compress these slightly. Overall result very good. Jignesh Bansal: Debt introduced for capex; repayment over 4 years will improve ROE in coming years.

Solar is capital-intensive for contractors; standard credit 30–45 days. Receivables will extend.

Office not operating; person hired left. Closed now. No revenue contribution.

Same financial projections maintained. Q4 predicted ₹180–190 Cr; on same run rate now. Will provide detailed analysis in Q2 presentation.

Till date, no external fund needed. Current 3 lakh sq. ft. premise packed up; no further capex needed for it. Future projects (e.g., sandwich panel) will require capex but manageable via term loan or govt. subsidies.

Approximately ₹6 Crore.

Q4 presentation gave quantity breakup of roll-forming and PEB products only. Detailed explanation: We sell complete PEB plus components separately. 1,200 MT PEB + related components = ~1,800 MT total. Purlins and decking fall under roll-forming category.

If solar business takes off, potential significantly higher, substantial contribution to overall revenue.

Stated in Q4 FY26 presentation, maintained in Q1 call. Excludes material solar contribution. Reaffirmed as 'very conservative' by management.

Solar MMS net margin 2.5–3% vs. implied PEB margin 8–10%. Will dilute overall profitability when solar scales.

Phases complete mid-Sept 2026. Additional capex for sandwich panel business (₹20–30 Cr) flagged as future possibility, not committed.

Roofing sheets 50.72%, decking 9.2%, PEB ~8% despite ₹5 Cr Q1 capex and ₹154 Cr full-year target. ₹3 lakh sq. ft. facility acquired 2020, now 'packed up,' yet utilization remains low; suggests demand-side constraint or execution inefficiency.

Revenue +1.2% QoQ is near-flat; PAT -23.7% QoQ signals cost pressures and margin compression. Q4 FY26 was stronger; Q1 shows deceleration despite fresh capex. If order book tightens, FY27 ₹180–200 Cr target at risk.

Solar MMS net margin 2.5–3% vs. implied PEB margin 8–10%. At ₹20 Cr/month potential revenue (unproven), blended net margin would compress to ~3–4% if solar becomes 30% of revenue mix. ROCE/ROE targets (24–35%) at risk.

Receivables to extend from <2 weeks to 30–45 days with solar business. With ₹6 Cr debt and high capex, WC headroom limited. Solar demand influx would stress cash despite profitable top-line.

Single ₹24 Cr order was 20% of FY26 revenue. Average order ₹3–5 Cr in ₹154 Cr FY26 revenue implies top-5 customers likely >40% of sales. Loss of large customer or project delay critical risk.